Marathon Patent Group Inc MARA shares had a decent run Wednesday and the momentum appears to continue into Friday's session.
Incidentally, after violating the $2.50 level to the downside on April 19, this micro-cap has been having a lackluster run, as it was locked in a range from 64 cents to $2.44.
What's led to the newfound optimism?
By profile, Marathon Patent is an IP licensing and commercialization company. The company buys and manages IP rights from companies, universities and other IP owners and takes charge of the full commercialization cycle, including discovering opportunities, performing due diligence, providing capital, managing development and protecting and developing IP.
On Nov. 2, the company announced a definitive agreement to buy 100 percent ownership in mining company Global Bit Ventures Inc.
"We believe the acquisition of Global Bit Ventures will take advantage of an ongoing revolution in digital transactions conducted on blockchains as we see increasing adoption and proliferation of blockchain protocols in our everyday lives," said Marathon Patent Group CEO Doug Croxall said in a statement.
The deal will provide investors with an opportunity to invest in one of the first NASDAQ-listed companies to enter the cryptocurrency industry, according to Marathon Patent Group.
Signaling its intention to diversify, the company mentioned in its recent earnings release that it's formerly an IP licensing company, along with its discussion of the plan to buy Global Bit Ventures.
There is speculation that the company could go the Riot Blockchain Inc RIOT route. Formerly known as Venaxis, an unsuccessful medical diagnostic company, Riot Blockchain recently announced a change of name as well as business model. The company has made a plunge into the hot-and-happening cryptocurrency business.
Investors seem to have welcomed the changed focus of Marathon Patent, as reflected by the two-day rally in the company's stock price.
At the time of writing, Marathon Patent shares were nearly doubling, up 93.48 percent at $4.24, the highest level since mid-March.
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